When you purchase a shared ownership home, you pay rent on the share that LiveWest retains. This rent is capped at no more than 3% of the value of the unsold share at the time of your initial purchase.

Each year, rent increases in line with your lease terms. Typically, this is calculated as Retail Price Index (RPI) plus 0.5% - 2%. However, LiveWest has taken steps to support affordability by removing the additional percentage uplift, meaning your rent will increase in line with inflation (RPI) only.

Newer leases specify rent increases must be limited to Consumer Price Index (CPI) plus 1%.

Shared ownership rent isn’t the same as rent in a typical landlord-tenant arrangement. Your rent is a contractual payment set out in your lease and supports the cost of LiveWest financing the share you do not yet own. Even after your mortgage is paid off, you’ll still pay rent unless you choose to staircase to 100% ownership. Buying more shares will reduce the monthly rent you pay. If you staircase to 100% ownership, no rent is payable, but you may still have a mortgage.

You are responsible for 100% of repairs and maintenance, regardless of your share. This includes things like annual boiler servicing and keeping up with general maintenance and repairs. Keeping records can also help if you decide to sell your home in the future.

Shared ownership rent isn’t the same as rent in a typical landlord-tenant arrangement. It doesn’t include repairs or maintenance, as your lease is fully self-repairing. That means the responsibility for looking after your home rests with you. Further information can be found on the Government website.